Fast Retailing rolling out GU shops overseas
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Japanese retail holding company Fast Retailing intends to have 1000 shops for its low-cost GU brand overseas in 10 years, up from about 10 foreign stores now.
GU sells clothing often priced at about half that of stablemate Uniqlo.
Fast Retailing will expand GU first in Asia, where Uniqlo has been successful, says chairman/president Tadashi Yanai.
After increasing its GU outlets in Taiwan and China, Fast Retailing will turn its attention to South Korea, Hong Kong, Thailand and Singapore for growth in the next five years.
GU’s first overseas store opened in 2013. In Japan, the brand’s low prices and sensitivity to fashion trends have helped store numbers grow to around 350.
Meanwhile, Uniqlo now has more stores overseas than in Japan, with plans to set up around 100 shops a year in China.
Other brands under Fast Retailing’s wing include Comptoir des Cotonniers, J Brand and Princesse Tam-Tam.
Questions & Answers
Q.What is Fast Retailing's long-term goal for the number of GU shops overseas?
What is Fast Retailing's long-term goal for the number of GU shops overseas?
Fast Retailing aims to have 1000 overseas shops for its GU brand within the next ten years. This represents a significant increase from the brand's current presence of about ten foreign stores.
Q.Which regions will Fast Retailing focus on for GU's initial international expansion?
Which regions will Fast Retailing focus on for GU's initial international expansion?
Fast Retailing will first expand GU in Asia, starting with Taiwan and China. Following this, the company plans to focus on South Korea, Hong Kong, Thailand, and Singapore for growth over the next five years.
Q.How does GU's pricing strategy compare to its stablemate Uniqlo?
How does GU's pricing strategy compare to its stablemate Uniqlo?
GU sells clothing often priced at about half that of Uniqlo. This low-cost approach, combined with sensitivity to fashion trends, has driven its success in Japan.
Q.When did GU open its first store outside of Japan?
When did GU open its first store outside of Japan?
GU's first overseas store began trading in 2013. The brand currently has around ten foreign outlets, with plans for significant expansion over the coming decade.
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